Although new-home sales were significantly lower than a year ago, September’s seasonally adjusted annual rate of 464,000 units was 2.7 percent higher than August, the U.S. Census Bureau and Department of Housing and Urban Development reported today.
Compared to August, sales of single-family homes increased the most in the West where they jumped 22.7 percent to a 108,000-unit rate. In the South, sales were up 0.7 percent to a 269,000-unit pace. Sales in the Northeast and Midwest were down considerably, falling 21.4 percent (to a 22,000-unit pace) and 5.8 percent (to a 65,000-unit rate), respectively.
The median price of new homes sold in September — $218,400 — dipped 1.6 percent from $221,900 in August.
According to the data, the seasonally adjusted estimate of new houses for sale at the end of September was 394,000, which represents a supply of 10.4 months at the current sales rate, down from 10.9 months in August.
A report from the National Association of Realtors Friday revealed September sales of existing homes were up (5.5 percent from August and 1.4 percent from a year ago) to 5.18 million units (seasonally adjusted), while the median home price declined 9 percent to $191,600. The supply of existing homes for sale at the end of September was reportedly lower at 9.9 months.
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